🌐 Global market overview.

Total market capitalization: $3.95 trillion (24-hour change: -0.8%).

Fear and Greed Index: 52 (in the fear zone, down 3 points from the previous day).

Trading volume: significantly reduced, down approximately 25% month-over-month.

Stablecoin dynamics: US­DT premium rate has returned to zero, exchange inventories remain stable.

⚡️ Core asset performance.

BTC: Reported at $114,850 (-1.2%), fluctuating in the $113,500-$116,200 range.

Miner selling pressure has eased, with net outflows dropping to 1,200 BTC over 24 hours.

The put/call ratio in the options market has risen to 0.78, indicating increasing risk aversion.

ETH: Reported at $4,230 (-0.9%), performing slightly better than the market.

L2 ecosystem TVL grew against the trend by 1.2%, reaching $55.2 billion.

Staking APY remains at 3.4%, with validators exiting the queue stabilizing at 3.5 days.

📶 Sector differentiation is evident.

Top gainers:

AI sector average +3.5% (Bit­t­e­n­s­or +4.2%).

Gaming sector average +2.8% (AXS +3.1%).

Top losers:

DeFi sector average -2.3% (AA­VE -3.2%).

Payment coin sector average -1.8% (XRP -2.1%).

🌍 Macroeconomic environment impact.

Federal Reserve policy expectations:

The probability of a rate cut in September remains at 82% (CME FedWatch data).

The yield on 10-year U.S. Treasury bonds has dropped to 4.05%.

Geopolitics:

Progress in Russia-Ukraine negotiations has reduced demand for safe-haven assets.

China-U.S. digital tariff negotiations enter the second round of consultations.

🏛️ Regulatory dynamics.

U.S.: SEC delays the ruling on the securities status of multiple ZK projects until the end of September.

Hong Kong: Digital Hong Kong dollar pilot expanded to cross-border trade settlements, processing $680 million in transactions on the first day.

EU: MiCA regulation on stablecoin provisions officially takes effect, multiple exchanges delist non-compliant stablecoins.

🔍 On-chain data insights.

Whale movements:

3 new addresses cumulatively purchased 12,500 ETH (approximately $53 million).

In 2013, an ancient address transferred 200 BTC (approximately $2.3 million).

Exchange traffic:

Net outflow of 8,200 BTC, hitting a two-week high.

ETH has seen a net inflow for 7 consecutive days, totaling 340,000 coins.

Derivatives market:

Perpetual contract funding rates return to neutral (0.01%-0.02%).

The number of outstanding option contracts has decreased by 15%, and the market sentiment is cautious.

⚠️ Risk warning.

The Federal Reserve's Jackson Hole annual meeting opens tonight, and Powell's speech may trigger volatility.

Multiple altcoin projects are about to unlock large amounts (totaling approximately $320 million).

Technical analysis shows that if BTC falls below $113,000, it may trigger a deeper correction.

💡 Trader perspectives.

"The market remains cautious ahead of major events; it is recommended to reduce leverage and wait for a clear direction. The ETH/BTC exchange rate has stabilized and rebounded, possibly indicating the approach of altcoin season."